SEARS CANADA DONE, LIQUIDATION APPROVED, REMAINING STORES TO CLOSE
Oct 13, 2017
By Bob Komsic
The court’s have given Sears Canada the green light to liquidate all of its remaining stores.
The retailer, which has been in Canada more than six decades, has been trying to restructure itself under court supervision since earlier this summer.
In fact, Sears Canada chair Brandon Stranzl had been trying to put together a bid to keep the retailer going, but the efforts never developed into a plan, leading a Toronto court to rule today the company’s days are over.
”I am satisfied that there is no other viable alternative,” said Ontario Superior Court Justice Glenn Hainey.
More than 12,000 employees work at the remaining 130 Sears, Sears Home, and Sears Hometown stores.